Carson Calls for Relaxed Federal Oversight for FHA Lending

Ben Carson used a speech at the Mortgage Bankers Association’s annual conference in Denver to express interest in cutting government regulations on Federal Housing Administration-backed lending. The Housing and Urban Development secretary told the MBA that his department plans to make life easier for FHA lenders in order to expand loan availability to lower-income borrowers, […]

Despite Turmoil at Ocwen, Liberty President Upbeat About Reverse Future

It’s been a rollercoaster year for Ocwen Financial Services (NYSE: OCN), as the company spent the better part of the spring and summer fighting its way out from a multi-state cease-and-desist order regarding its mortgage servicing operation. But as RMD has reported, its reverse mortgage subsidiary, Liberty Home Equity Solutions, has remained largely insulated from […]

Reverse Mortgage Must-Reads: MMI Fund Shuffle, CFPB Complaints

As the industry continues to wake up to the post-October 2 world of new principal limit factors and mortgage insurance premiums, here’s a quick refresher on what you may have missed from the week in Home Equity Conversion Mortgage news: MBA President Supports Call to Remove Reverse Mortgages from MMI Fund — Mortgage Bankers Association president […]

Liberty, Reverse Mortgages Unaffected by Ocwen’s Forward Wholesale Exit

Ocwen Financial Corporation (NYSE: OCN) has announced plans to exit the wholesale forward-mortgage industry, but a company spokesman confirms that its Liberty Home Equity Solutions arm remains unaffected. The West Palm Beach, Fla.-based company announced last week that it has reached an agreement to sell the assets related to its wholesale forward lending business, with […]

Despite Reverse Mortgage Gains, Ocwen Announces $44M Quarterly Loss

The beleaguered Ocwen Financial Corporation (NYSE: OCN) turned in a net loss of $44 million in the second quarter of 2017, hamstrung by continued payments related to a host of regulatory issues. Those costs include $33.6 million in settlement payments and $5.6 million in legal defense expenses related to regulatory actions by the Consumer Financial Protection […]

Total Reverse Mortgage Endorsements Fall in April

In a somewhat expected fall back to Earth, reverse mortgage endorsements dropped between April and May, but as in previous months there are still some signs of overall volume growth. Home Equity Conversion Mortgage originators — including both Federal Housing Administration-approved firms and their non-FHA counterparts — logged a total of 5,034 endorsements in April, […]

Friday Round-Up: Asking HUD to Update H4P, Best Rate’s New Site

Welcome to the first “official” weekend of summer, and with the long July 4 holiday coming up on the horizon and a potential watershed moment for our nation’s health care system fast approaching, here’s a quick look at the reverse mortgage headlines you may have missed from the week that was. NRMLA Asks HUD to […]

Ocwen’s Spicy Accusations Against Auditors, Walter’s Accounting Woes

Companies that operate two major reverse mortgage servicers had an interesting holiday weekend, with one forced to admit that its most recent annual report was based on bad accounting, and the other claiming a state-appointed monitor wasted its money at strip clubs and casinos. The latter charge comes from an unusually scandalous lawsuit filed earlier […]

Ocwen Admits Disclosure Failures, Vows to Fight On

Ocwen Financial Corporation (NYSE: OCN) admitted in an SEC filing that its internal reporting systems were “not effective” in the months leading up to a multi-state tsunami of regulatory actions, and conceded that any eventual resolution could prove costly. The West Palm Beach, Fla.-based Ocwen filed an amended 2016 annual report late Monday, adding language […]